Purpose statement of net assets

Assignment Help Financial Accounting
Reference no: EM133992

Question :

Part-1:

The City of South Pittsburgh maintains it books so as to purpose fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to create, in journal form, worksheet adjustments for each of the subsequent situations:

1.) Deferred property taxes of $89,000 at the end of the last fiscal year were recognized as property tax revenue in the present year's Statement of Revenue, Expenditures, and Changes in Fund Balance.

2.) The City levied property taxes for the present fiscal year in the amount of $100,000,000. When making the entries, it was estimated that 2% of the taxes would not be collected. At year-end, $600,000 of the taxes had not been collected. It was evaluated that $300,000 of the amount would be collected during the 60-day period after the end of the fiscal year and that $100,000 could be collected after that time. The City had accepted the maximum of property taxes allowable under modified accrual accounting.

3.) In calculation to the expenditures recognized under modified accrual accounting, the City evaluated that $250,000 should be accrued for compensated absences and charged to public safety.

4.) The City's actuary evaluated that the annual required contribution (ARC) under the City's public safety employee's pension plan is $229,000 for the existing year. The City however, only provided $207,000 to the pension plan during the existing year.

5.) In the Statement of Revenues, Changes in Fund Balances and Expenditures, General Fund transfers out included $500,000 to a debt service fund, $600,000 to a special revenue fund, and $900,000 to an enterprise fund.

Part-2

Southern State University had the subsequent, account balances as of June 30, 2012. Debits are not distinguished from credits, so suppose all accounts have a "normal" balance:

Accounts receivable..................................................................................$325,000

Accounts payable.......................................................................................265,000

Cash and cash equivalents..........................................................................154,000

Deferred revenue----current........................................................................220,000

Endowment investments..............................................................................6,123,000

General obligation bonds payable (related to capital acquisition).....................1,250,000

Inventories................................................................................................330,000

Short-term investments-unrestricted............................................................1,444,000

Net assets---restricted----nonexpendable......................................................6,123,000

Restricted cash and cash equivalents............................................................92,000

Capital assets, net of depreciation................................................................7,226,000

Revenue bonds payable (related to capital acquisition)...................................2,200,000

Long term investments................................................................................1,683,000

Long-term liabilities-current portion (related to capital acquisition)...................200,000

Net assets-restricted---expendable...............................................................1,775,000

Net assets-invested in capital assets, net of related debt........................................?

Net assets-unrestricted........................................................................................?

Required:

Purpose, in good form, a Statement of Net Assets for Southern State University as of 30th June, 2012.

Part-3:

On 1st January, 2012, a foundation made a pledge to pay $30,000 per year at the end of each of the next five years to the Cancer Research Center, a nonprofit voluntary welfare and health organization as a salary supplement for a well known researcher. On 31st December, 2012, the first payment of $30,000 was received and paid to the researcher.

1.) On the books of the Cancer Research Center, record the pledge on 1st January in the temporarily restricted asset class, considering the appropriate discount rate is 5 % on an annual basis. The suitable discounts factor is 4.33.

2.) Record the increase in the current value of the receivable in the temporarily restricted net asset class as of 31st December.

3.) Record the receipt of the first $30,000 on 31st December and the payment to the researcher. Show in which asset class (temporarily restricted, unrestricted) each account is recorded

Reference no: EM133992

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